On July 1, 2020, Sheffield Ltd., a publicly listed company, acquired assets from Bramble Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as follows: Manufacturing plant (building #1)   $399,580 Storage warehouse (building #2)   209,940 Machinery (in building #1)   74,700 Machinery (in building #2)   45,000 The buildings are owned by the company, and the land that the buildings are situated on is owned by the local municipality and is provided free of charge to the owner of the buildings to encourage local employment. In exchange for the acquisition of these assets, Sheffield issued 145,750 common shares. Sheffield’s shares are thinly traded (that is, traded in relatively low volume leading to more volatile price changes than most public companies). In the most recent sale of Sheffield’s shares on the Toronto Stock Exchange, 510 shares were sold for $5 per share. At the time of acquisition, both buildings were considered to have an expected remaining useful life of 10 years, the machinery in building #1 was expected to have a remaining useful life of 3 years, and the machinery in building #2 was expected to have a useful life of 9 years. Sheffield uses straight-line depreciation with no residual values. At December 31, 2020, Sheffield’s fiscal year end, Sheffield recorded the correct depreciation amounts for the six months that the assets were in use. An independent appraisal concluded that the assets had the following fair values: Manufacturing plant (building #1)   $387,600 Storage warehouse (building #2)   178,600 At December 31, 2021, Sheffield once again retained an independent appraiser and determined that the fair value of the assets was: Manufacturing plant (building #1)   $339,780 Storage warehouse (building #2)   160,900     Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under the cost model. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to 0 decimal places, e.g. 5,275.)   Date Account Titles and Explanation Debit Credit Dec. 31, 2021                                                                                                                                                             (To record depreciation on Building #1)     Dec. 31, 2021                                                                                                                                                             (To record depreciation on Building #2)     Dec. 31, 2021                                                                                                                                                             (To record depreciation on Machinery in Building #1)     Dec. 31, 2021                                                                                                                                                             (To record depreciation on Machinery in Building #2)     Dec. 31, 2021                                                                                                                                                                                                                                           (To revalue manufacturing plant – (Building #1))     Dec. 31, 2021                                                                                                                                                                                                                                           (To revalue storage warehouse – (Building #2))